countries, (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero …

in 1941, particularly in the second half of that year. As a result our preferred government spending multiplier is 1 ….80 multiplier is relevant to situations like 2009-10 when capacity constraints are absent across the economy.Two sets of new …

shocks, with military spending having the largest multiplier. Third, we show that controlling for predictable components of …

substitution effects, yielding uniform comparisons across models. By constraining the multiplier to tight ranges, model and prior …

analysis is that the question "what is the fiscal policy multiplier" is an ill-posed one. There is no unconditional fiscal … policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics, the different … and an average fiscal multiplier is of very little use to describe the effect of exogenous shifts in fiscal policy on …

modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit …